Medifast MED Securities Purchasers File Class Action Lawsuit Against Medifast Over Alleged Securities Law Violations.
A securities fraud class action lawsuit has been filed against Medifast, Inc. (“Medifast”) and certain Medifast officers (collectively “Defendants”) in the United States District Court for the District of Maryland (Class Action Case No. 11-cv-0720) on behalf of a class consisting of purchasers of Medifast’s (NYSE symbol: MED) securities from March 4, 2010 through and including March 10, 2011 (the “Class Period”), alleging that Medifast and certain of its officers violated federal securities fraud laws, including the Securities Exchange Act of 1934, by failing to disclose, among other things, that Medifast was allegedly improperly recognizing certain expenses and that Medifast allegedly lacked adequate internal and financial controls, according to Medifast securities fraud class action lawsuit news reports.
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